How long to remortgage?

[Wilmslowboy]

As the title - How long from start to finish to remortgage.


Looking to change away from Santander

Sub 40% LTV, well within affordability, 50 years old, looking at 10 year term.

Online comparison sites suggesting 2 year fixed rates of around 5%

[mrmistoffelees]

3-4 months at the moment. 3ish if you've got everything ready and have a good solicitor.

[Sarnie]

mrmistoffelees said:

3-4 months at the moment. 3ish if you've got everything ready and have a good solicitor.

^This..........although we are starting remortgages from six months out currently where possible.......

[Wilmslowboy]

Thanks

Shocking......I was expecting 4 week :-)

Saying that my current rate runs to April '23 (thought it was Feb '23), so have a couple of months to work out if to move or stay.

[RobB_]

mrmistoffelees said:

3-4 months at the moment. 3ish if you've got everything ready and have a good solicitor.

Why would they need a good solicitor?

[Sarnie]

RobB_ said:

Why would they need a good solicitor?

because a good one will get it done in 2-3 weeks..........a poor one will be a lot longer.

The difference could be a few months payments on the SVR.....

[mrmistoffelees]

RobB_ said:

Why would they need a good solicitor?

I let my remortgage on my residential go through with Integrar which is Lloyds' in house solicitor. It took them 10 weeks to check my documents and find something missing. As a result I spent just over a month on SVR. Total process took almost 7 months.

Remortgaging my BTLs I always use a local solicitor and it's always done in sub 3 months.

[Jurgen Schmidt]

The Conveyancing process should be be swift, especially if free legals are included

[MattyD803]

Jurgen Schmidt said:

The Conveyancing process should be be swift, especially if free legals are included

This is quite contradictory in my experience. The 'free legals' provided by the likes of Natwest and TSB are provided by the cheapest and (IME) poorest quality 'rack em and stack em' conveyancers known to man.

I would strongly suggest speaking to your mortgage advisor and arranging for the 'free legals' element of the deal (usually £300) to be released as a contribution towards a conveyancer of your choice. Even if you have to pay an additional £150-250, it will be money well spent.

Edited by MattyD803 on Wednesday 5th October 10:48

[Sarnie]

Jurgen Schmidt said:

The Conveyancing process should be be swift, especially if free legals are included

This is not the current experience............

[RobB_]

Sarnie said:

because a good one will get it done in 2-3 weeks..........a poor one will be a lot longer.

The difference could be a few months payments on the SVR.....

mrmistoffelees said:

I let my remortgage on my residential go through with Integrar which is Lloyds' in house solicitor. It took them 10 weeks to check my documents and find something missing. As a result I spent just over a month on SVR. Total process took almost 7 months.

Remortgaging my BTLs I always use a local solicitor and it's always done in sub 3 months.

Thanks

[IREvans]

Jurgen Schmidt said:

The Conveyancing process should be be swift, especially if free legals are included

In my experience, it’s the opposite. In house legals are shipped to a conveyancing farm, and the pace they operate at is glacial (due to the volume of cases they take, and the rate they’ve agreed with the lender)

I always use my local lawyer, and it gets processed as fast as possible.

[IREvans]

Jurgen Schmidt said:

The Conveyancing process should be be swift, especially if free legals are included

In my experience, it’s the opposite. In house legals are shipped to a conveyancing farm, and the pace they operate at is glacial (due to the volume of cases they take, and the rate they’ve agreed with the lender)

I always use my local lawyer, and it gets processed as fast as possible.

[Rob_125]

Sarnie said:

mrmistoffelees said:

3-4 months at the moment. 3ish if you've got everything ready and have a good solicitor.

^This..........although we are starting remortgages from six months out currently where possible.......

Sarnie, is 6 months generally the maximum time from end of deal you can lock in a deal and begin the process?

Ie my deal ends on 19/05/23, I need to get the ball rolling on the 19/11/22.

Also I intend to chip off a significant chunk (enough to get hit by erpc if I do it before my deal ends). Can I transfer this additional money to the solicitors prior to the new deal starting?